Primark

PRIMARK sales escalated by more than a fifth in the 16 weeks to Saturday, its owner ASSOCIATED BRITISH FOODS revealed.

The budget chain was boosted by the weak Pound due to its inter- national business — but even with ­currency fluctuations stripped out revenues rose 11 per cent.

Like-for-like sales in the UK were “good”, but slowed in other regions such as Germany and Holland.

ABF said its Primark business in the US “continued to develop”.

TESCO UP 1ST TIME IN 5 YEARS

TESCO grew its market share over Christmas for the first time since 2011 with UK sales rising 0.7 per cent.

Fresh food, clothes and toys were all up.
The results followed upbeat updates from SAINSBURY’S and ­MORRISONS this week.
Boss Dave Lewis, who took over in 2014 when the grocer was in crisis, said: “We are very encouraged by the sustained strong progress we are making across the group.”
Tesco had a spat with Marmite-maker UNILEVER in October over the supplier trying to enforce ten per cent price increases on the supermarket, ­blaming the weak Pound.
Mr Lewis said: “Inflation pressure is there, but we will do everything we can to minimise the impact.”
He added he had seen no change in the pattern of consumer spending ­following the Brexit vote.
Richard Hunter, head of research at WILSON KING MANAGEMENT, said Tesco’s share price had risen 44 per cent in the last year compared to a 23 per cent hike in the wider FTSE 100.

He added: “The turnaround continues.”

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